Mixed economy

A mixed economy is an economic system that incorporates aspects of more than one
economic system. This usually means an economy that contains both privately-owned
and state-owned enterprises[1] or that combines elements of capitalism and socialism, or a
mix of market economy and planned economy characteristics.[2]

There is not one single definition for a mixed economy,[3] but relevant aspects include: a
degree of private economic freedom (including privately owned industry) intermingled
with centralized economic planning (which may include intervention for
environmentalism and social welfare, or state ownership of some of the means of
production).

For some states, there is not a consensus on whether they are capitalist, socialist, or
mixed economies. Economies in states ranging from the United States[4] to Cuba[5] have
been termed mixed economies.

Contents
[hide]

• 1 History
• 2 Philosophy
• 3 Elements of a mixed economy
• 4 Relation to form of government
• 5 Historic examples
• 6 Modern U.S. economy
• 7 "Third way" politics
o 7.1 Origins
o 7.2 Examples
 7.2.1 Australia
 7.2.2 United Kingdom
 7.2.3 United States
 7.2.4 Other
o 7.3 Criticism
• 8 See also
• 9 Further reading

• 10 Sources and notes

[edit] History
The term "mixed economy" arose in the context of political debate in the United
Kingdom in the postwar period, although the set of policies later associated with the term

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had been advocated from at least the 1930s[6]. Supporters of the mixed economy,
including R.H. Tawney[7], Anthony Crosland[8] and Andrew Shonfield were mostly
associated with the British Labour Party, although similar views were expressed by
Conservatives including Harold Macmillan.

Critics of the British mixed economy, including Ludwig von Mises and Friedrich von
Hayek, argued that what is called a mixed economy is a move toward socialism and
increasing the influence of the state.[9]

[edit] Philosophy
The term mixed economy was coined to identify economic systems which stray from the
ideals of either the free market, or various planned economies, and "mix" with elements
of each other. As most political-economic ideologies are defined in an idealized sense,
what is described rarely if ever exists in practice. Most would not consider it
unreasonable to label an economy that, while not being a perfect representation, very
closely resembles an ideal by applying the rubric that denominates that ideal. However,
when a system in question diverges to a significant extent from an idealised economic
model or ideology, the task of identifying it can become problematic. Hence, the term
"mixed economy" was coined. As it is unlikely that an economy will contain a perfectly
even mix, mixed economies are usually noted as being skewed towards either private
ownership or public ownership, toward capitalism or socialism, or toward a market
economy or command economy in varying degrees.

Which economies are mixed?

Private investment, freedom to buy, sell, and profit, combined with economic planning by
the state, including significant regulations (e.g. wage or price controls), taxes, tariffs, and
state-directed investment.

There is not a consensus on which economies are capitalist, socialist, or mixed. It may be
argued that the historical tendency of power holders in all times and places to limit the
activities of market actors combined with the natural impossibility of monitoring and
constraining all market actors has resulted in the fact that, as we understand a "mixed
economy" being a combination of governmental enterprise and free-enterprise, nearly
every economy to develop in human history meets this definition.

[edit] Elements of a mixed economy

The elements of a mixed economy typically include a variety of freedoms:

2
A TGV train in Paris operated by the publicly owned SNCF. In many countries, the rail
network is partly or completely, owned or controlled, by the state.

A mail truck. Restrictions are sometimes placed on private mail systems by mixed
economy governments. For example, in the U.S., the USPS enjoys a government
monopoly on nonurgent letter mail as described in the Private Express Statutes.

This hospital run by the National Health Service in the United Kingdom. In most
countries the state plays some role in the provision of health care.

• to possess means of production (farms, factories, stores, etc.)

• to participate in managerial decisions (cooperative and participatory economics)
• to travel (needed to transport all the items in commerce, to make deals in person,
for workers and owners to go to where needed)
• to buy (items for personal use, for resale; buy whole enterprises to make the
organization that creates wealth a form of wealth itself)
• to sell (same as buy)
• to hire (to create organizations that create wealth)
• to fire (to maintain organizations that create wealth)
• to organize (private enterprise for profit, labor unions, workers' and professional
associations, non-profit groups, religions, etc.)
• to communicate (free speech, newspapers, books, advertisements, make deals,
create business partners, create markets)
• to protest peacefully (marches, petitions, sue the government, make laws friendly
to profit making and workers alike, remove pointless inefficiencies to maximize
wealth creation)

with tax-funded, subsidized, or state-owned factors of production, infrastructure,

and services:

• libraries and other information services

• roads and other transportation services
• schools and other education services
• hospitals and other health services
• banks and other financial services
• telephone, mail and other communication services
• electricity and other energy services (eg oil, gas)
• water systems for drinking, agriculture, and waste disposal
• subsidies to agriculture and other businesses
• government-granted monopolies to otherwise private businesses
• legal assistance

3
and providing some autonomy over personal finances but including involuntary
spending and investments such as transfer payments and other cash benefits such
as:

• welfare for the poor

• social security for the aged and infirm
• government subsidies to business
• mandatory insurance (example: automobile}

and restricted by various laws, regulations:

• environmental regulation (example: toxins in land, water, air)

• labor regulation including minimum wage laws
• consumer regulation (example: product safety)
• antitrust laws
• intellectual property laws
• incorporation laws
• protectionism
• import and export controls, such as tarrifs and quotas

and taxes and fees written or enforced with manipulation of the economy in mind.

[edit] Relation to form of government

The mixed economy is most commonly associated with social democratic forms of
government. However, given the broad range of economic systems that can be described
by the term, most forms of government are consistent with some form of mixed economy.

[edit] Historic examples

American School (also known as the National System[10]) is the economic philosophy that
dominated United States national policies from the time of the American Civil War until
the mid-twentieth century as the country's policies evolved in a free market direction. It
consisted of a three core policy initiatives: protecting industry through high tariffs (1861-
1932) (changing to subsidies and reciprocity from 1932-1970's), government investment
in infrastructure through internal improvements, and a national bank to promote the
growth of productive enterprises.[11] During this period the United States grew into the
largest economy in the world[citation needed] with the highest standard of living[citation needed],
surpassing the British Empire by the first half of the 20th century[12] [13].

Dirigisme is an economic policy initiated under Charles de Gaulle of France designating

an economy where the government exerts strong directive influence. It involved state
control of a minority of the industry, such as transportation, energy and
telecommunication infrastructures, as well as various incentives for private corporations

4
to merge or engage in certain projects. Under its influence France experienced what is
called "Thirty Glorious Years" of profound economic growth.[14]

Social market economy is the economic policy of modern Germany that steers a middle
path between socialism and capitalism and aims at maintaining a balance between a high
rate of economic growth, low inflation, low levels of unemployment, good working
conditions, public welfare and public services by using state intervention. Under its
influence Germany has emerged from desolation and defeat to become an industrial giant
within the European Union.[15]

Although nominally socialist, the economy of Syria is in practice a mixed economy

comprising large state enterprises and small businesses.

[edit] Modern U.S. economy

The U.S. is considered a mixed economy. Some examples of this include:

• People can own their own businesses, but political leaders make policies
concerning these.
• The government controls the mail system.
• The government controls most of the road networks.
• Waste collection and treatment are usually provided as a service by the local
government.
• The government has a virtual monopoly on the provision of policing.
• Intercity passenger rail (Amtrak) is a nationalized industry, as are almost all local
trains.
• All American airports are government operated but all American airlines are
private.
• The government tells manufacturers what to make if something is in need during
war time.
• The FDA bans certain drugs.
• The government has created a minimum wage law.
• The government provides social welfare payments to some citizens.
• The majority of pre-college education is government-provided and a large part of
tertiary education is run by state governments.

[edit] "Third way" politics

This section is about a political philosophy; for other uses, see Third way
(disambiguation).

Bill Clinton and Tony Blair, adherents of the "Third Way"

5
The Third Way, or Radical center, is a centrist political philosophy of governance that
embraces a mix of market and interventionist philosophies. The Third Way rejects both
socialism and laissez-faire approaches to economic governance, but chiefly stresses
technological development, education, and competitive mechanisms to pursue economic
progress and governmental objectives.[16] Third way philosophies have been described as
a synthesis of capitalism and socialism by its proponents.[17]

Past invocations of a political 'third way' have included the Fabian Socialism, Keynesian
economics, Franklin Roosevelt and Harold Macmillan's 1950s One Nation Conservatism.
[2] The third way has been criticized by some conservatives, and by libertarians who
advocate laissez-faire capitalism.[18] A "Third Way" approach has been adopted by some
social democrats and social liberals in many Western liberal democracies.[19]

[edit] Origins

The use of the term extends back at least as far, to when Pope Pius XI called for a Third
Way between Socialism and Capitalism at the end of the 1800s.[20] These ideas were
implemented by both progressives and fascists in the early 20th Century. [3]

The Third Way philosophy was developed in the 1950s by German ordoliberal
economists such as Wilhelm Röpke, resulting in the development of the concept of the
social market economy.

The term was later used by politicians in the 1990s who wished to incorporate Margaret
Thatcher and Ronald Reagan's projects of economic deregulation, privatization, and
globalization into the mainstream centre-left political parties (following the crisis of
socialism after the fall of the Berlin Wall).

A leading defender of the spread of Third Way influence in modern democracies has
been British sociologist Anthony Giddens. Giddens regularly expounds on Third Way
philosophy through contributions to progressive policy think tank Policy Network.
Robert Putnam, Ian Winter (Latham cites Winter's "Social Capital and Public Policy in
Australia" on p. 13 of the Latham diaries), and Mark Lyon are amongst a range of
academics who have recently contributed key academic theory behind Third-Way
politics.

[edit] Examples

The Third Way is currently prominent in Europe, but has adherents in the Americas and
Asia. It is endorsed by some European social democratic parties, as well as by some
members of the Democratic Party of the United States (see below). Former Australian
Prime Minister Paul Keating is often cited as a key proto-Third Way leader.

[edit] Australia

6
Under the centre-left Australian Labor Party from 1983 to 1996, the Bob Hawke and Paul
Keating governments pursued many economic policies associated with economic
rationalism, such as floating the Australian Dollar, privatisation of Qantas and
Commonwealth Bank, reductions in trade tariffs, taxation reforms, changed from wage-
fixing to enterprise bargaining, deregulated the banking system and other economic
deregulation.

[edit] United Kingdom

Former Prime Minister Tony Blair of the United Kingdom is cited as a Third Way
politician.[21] [22] Blair is a particular follower of the ideas of Anthony Giddens.[23]

Harold Macmillan's book The Middle Way, first published in 1938, is also written from
broadly this centrist position.

[edit] United States

In the United States, Third Way adherents emphasize fiscal conservatism, some
replacement of welfare with workfare, and a stronger preference for market solutions to
traditional problems (as in pollution markets), while rejecting pure laissez-faire
economics and other libertarian positions. The Third Way style of governing was firmly
adopted and partly redefined during the Administration of President Bill Clinton.[24]

After Tony Blair came to power in the UK Clinton, Blair and other leading Third Way
adherents organized conferences to promote the Third Way in 1997 at Chequers in
England.[25] [26] The Democratic Leadership Council are adherents of Third Way politics.
[27]

In 2004, several veteran U.S. Democrats founded a new Washington, DC organization

entitled Third Way, which bills itself as a "strategy center for progressives."[28]

[edit] Other

Other leaders who have adopted elements of the Third Way style of governance include
François Bayrou of France, Gerhard Schröder of Germany[29], Ferenc Gyurcsány of
Hungary, and Zafarullah Khan Jamali of Pakistan, whose book's preface was written by
Anthony Giddens.

[edit] Criticism

In the 1920s, Ludwig von Mises, a libertarian Austrian School economist and classical
liberal thinker, accused the "middle way" of mixing capitalism and socialism. In his book
Liberalism Mises wrote, "There is simply no other choice than this: either to abstain from
interference in the free play of the market, or to delegate the entire management of
production and distribution to the government. Either capitalism or socialism: there exists
no middle way."[30] Advocates of laissez-faire capitalism continue to be staunch

7
opponents of a mixed economy, the "third way." In 1990, after the fall of his country's
communist government, Czechoslovakia's finance minister, Václav Klaus, declared, "We
want a market economy without any adjectives. Any compromises with that will only
fuzzy up the problems we have. To pursue a so-called Third Way is foolish. We had our
experience with this in the 1960s when we looked for a socialism with a human face. It
did not work, and we must be explicit that we are not aiming for a more efficient version
of a system that has failed. The market is indivisible; it cannot be an instrument the hands
of central planners."[31] More recently, a critic of capitalist-socialist hybridization wrote,
"Third-Way economics is merely another political trial balloon. The politicians are still
simply trying to twist fattened, round socialism into a lean, square, free-market hole,
mainly to solicit our vote."[32]

Third way is sometimes described as an idea of former social-democrats which replaces

socialism with capitalism and a minimum of socialism, and a strategy to bring the social-
democratic parties back to power where they have lost elections. For example, Slavoj
Zizek argues that the notion of the Third Way emerged as the only alternative to the
victorious global capitalism and its notion of liberal democracy when the Second Way
crumbled.[33] Critics argue that third way politicians are in favour of ideas and policies
that ultimately serve the interests of corporate power and the wealthy at the expense of
the working class and the poor. Some also classify the Third Way as neosocialism or
"neoliberalism with a social touch".[34][35]

[edit] See also

Note: Quotes in this section indicate content taken from the article in question.

• Social Democracy "A socialist movement that advocates a mixed economy of

private and public ownership combined with a welfare state."
• Corporatism "Historically, corporatism or corporativism (Italian corporativismo)
is a political system in which legislative power is given to corporations that
represent economic, industrial and professional groups."
• Nationalization "is the act of taking assets into state ownership."
• Pluralism "In a pluralistic society, power and decision-making (and the ownership
of the results of exercising power) are more diffused."
• Public sector "is that part of economic and administrative life that deals with the
delivery of goods and services by and for the government."
• Public-private partnership "a system in which a government service or private
business venture is funded and operated through a partnership of government and
one or more private sector companies."
• Statism "is a term to describe any economic system where a government
implements a significant degree of centralized economic planning"
• Welfare state "In many "welfare states", welfare is not actually provided by the
state, but by a combination of independent, voluntary, mutualist and government
services."
• Social Market Economy "The social market economy seeks a middle path
between socialism and capitalism (i.e. a mixed economy)."

8
Third way

• Radical center
• Centrism
• Centrist Party (United States)

This entry is related to, but not included in the Political ideologies series or one
of its sub-series. Other related articles can be found at the Politics Portal.

[edit] Further reading

• Barr, Nicholas (“Economic theory and the welfare state: a survey and
interpretation.” Journal of Economic Literature, 30(2): 741-803. 1992, a review
essay looking at the economics literature
• Berkowitz, Edward D. (1991) America’s Welfare State: From Roosevelt to
Reagan. The Johns Hopkins University Press.
• Buchanan, James M. (1986) Liberty, Market and State: Political Economy in the
1980s New York University Press.
• Cronin, James E. (1991) The Politics of State Expansion: War, State and Society
in Twentieth-Century Britain. New York: Routledge.
• Derthick, Martha and Paul J. Quirk (1985) The Politics of Deregulation.
Washington, DC: The Brookings Institution.
• Sanford Ikeda; Dynamics of the Mixed Economy: Toward a Theory of
Interventionism London: Routledge 1997

Third way

• The Third Way by Anthony Giddens (ISBN 0-7456-2267-4), followed by The

Third Way And Its Critics (ISBN 0-7456-2450-2)
• NEXUS Third Way Debate Summary
• Why Tony is not a guitar-wielding facist [sic] dictator; The Guardian, July 1,
2003—about Mussolini and Blair.
• Third Way a strategy center for U.S. progressives
• Sourcewatch.org entry on the Third Way Foundation
• The Third Way - an Answer to Blair by Patrick Harrington
• Official website of Policy Network
• 'Left, Right and the Third Way' - on the third way's mix of left and right.
• The Third Way and Beyond: Criticisms, Futures, Alternatives book looks at
criticism of the third way.

[edit] Sources and notes

1. ^ Mixed economy. Dictionary.com
2. ^

9
o Mixed economy entry in The Norton Dictionary of Modern Thought by Alan and
Trombley, W. W. Norton & Company (1999), p. 535. "A economy in which a
substantial number, though by no means all, of the activities of production,
distribution and exchange are undertaken by the government, and there is more
interference by the STATE than there would be in a MARKET ECONOMY. A
mixed economy thus combines the characteristics of both CAPITALISM and
SOCIALISM."
o Mixed economy entry in The New Dictionary of Cultural Literacy, Third Edition,
Houghton Mifflin Company (2002). "An economy that combines elements of
capitalism and socialism, mixing some individual ownership and regulation." -
o Dlamini, Bongile P. What is an economy anyway? How does it Work? "A mixed
economy is an economy containing the characteristics of both capitalism and
socialism. In other words, it is an economy with a combination of both the
private and the public ownership of means of production, with some measure of
control by the central government."
o Mixed economy entry in The Language of Money by Edna Carew. "One
containing features of both capitalism and socialism. Australia is a mixed
economy, with major state-owned enterprises in communications, transport,
banking, energy generation and health services, as well as privately owned
enterprises in the same areas. In common with capitalist economies such as the
UK and New Zealand, Australian governments are reducing these activities by
privatising state-operated businesses. Other examples are seen in eastern Europe
and the former Soviet Union, where newly independent states have embraced the
principles of private enterprise. China, too, provides a striking illustration of the
transition to a mixed economy."
o Diane Kendall, Jane Lothian Murray, Rick Linden. Sociology In Our
Timesictionary, Chapter 13, Nelson, a divions of Thomson Canada Limited
(2004). "A mixed economy combines elements of a market economy (capitalism)
with elements of a command economy (socialism)."
o Mixed economy entry in Political Dictionary, Executive Clarity (2006). "an
economy in which elements from the free enterprise system are combined with
elements of socialism. Most industrial economies, now including those in the
post-communist world, are mixed economies."
o The Failure of Economic Interventionism, Joint Economic Committee Economic
Classics, December 1994, No. 2. "With a hubris peculiar to intellectuals and the
politicians who expediently latch onto their scribblings, academic and political
elites in the West insisted that "socialism prudently applied," by the likes of
themselves mostly, could provide a "third path" between pure socialism and
capitalism. On this third path, which became known as a "mixed economy,"
government would selectively and carefully intervene into the free market to
"improve" it"
o Schlesinger, Arthur Jr. Liberalism in America: A Note for Europeans from The
Politics of Hope, Boston: Riverside Press (1962). "The broad liberal objective is
a balanced and flexible "mixed economy," thus seeking to occupy that middle
ground between capitalism and socialism whose viability has so long been denied
by both capitalists and socialists."
o Gorman, Tom. The Complete Idiots Guide to Economics, Alpha Books (2003), p.
9"In a market economy, the private-sector businesses and consumers decide what
they will produce and purchase, with little government intervention....In a
command economy, also known as a planned economy, the government largely

10
 determines what is produced and in what amounts. In a mixed economy, both
market forces and government decisions determine which goods and services are
produced and how they are distributed."
3. ^ A variety of definitions for mixed economy.
4. ^ How the U.S. Economy Works article says "The United States is said to have a mixed
economy because privately owned businesses and government both play important roles.
Indeed, some of the most enduring debates of American economic history focus on the
relative roles of the public and private sectors. The American free enterprise system
emphasizes private ownership. Private businesses produce most goods and services, and
almost two-thirds of the nation's total economic output goes to individuals for personal
use (the remaining one-third is bought by government and business). The consumer role
is so great, in fact, that the nation is sometimes characterized as having a 'consumer
economy'."
5. ^ The Challenges of Cuba's Economy - An Interview with Dr. Antonio Romero In 1998
"Transformations have occurred in property ownership, employment systems, and
income levels to the extent that today we have a particular kind of mixed economy."
6. ^ Reisman, David A.. Theories of the Mixed Economy (Theories of the mixed economy).
Pickering & Chatto Ltd. ISBN 1-85196-214-X.
7. ^ Tawney, R. H. (1964). Equality. London: Allen and Unwin. ISBN 0-04-323014-8.
8. ^ Crosland, A. (1977). The Future of socialism. Westport, Conn: Greenwood Press.
ISBN 0-8371-9586-1.
9. ^ Gardner, Martin. Whys of a Philosophical Scrivener, St. Martin's Press (1991), p. 126
10. ^ The Library of Economics and Liberty on-line Book titled The National System of
Political Economy by Friedrich List
11. ^ (Boritt, Richardson, Lind)
12. ^ The Making of Modern British Politics, Martin Pugh
13. ^ Global Political Economy, Robert O'Brien and Marc Williams
14. ^ (Gardner)
15. ^ (Gardner)
16. ^ "Democratic Leadership Council, About the Third Way". Retrieved on 2007-07-07.
17. ^ "Dale, R. (4 April, 2000). Thinking Ahead / Commentary : What a 'Third Way' Is
Really About. The International Herland.". Retrieved on 2007-07-07.
18. ^ "Bashan, P. (5 November, 2002). Is the Third War at a Dead End? Cato Institute.".
Retrieved on 2007-07-07.
19. ^ "Democratic Leadership Council. (1 June, 1998). About the Third Way.". Retrieved on
2007-07-11.
20. ^ Third Way Debate Summary
21. ^ www.third-way.info is coming soon!
22. ^ Leader: Blair's new third way | Politics | The Observer
23. ^ BBC News | UK Politics | All aboard the Third Way
24. ^ The Survivor:Bill Clinton in the White House, John F Harris, Random House, 2005
25. ^ The Clinton Wars, Sidney Blumenthal, Farrar, Straus and Giroux, 2003
26. ^ BBC News | EUROPE | 'Third Way' gets world hearing
27. ^ DLC: About The Third Way
28. ^ Third Way:
29. ^ BBC News | EUROPE | 'Third Way' gets world hearing
30. ^ Mises, Ludwig von [1] Liberalism, 1927. (Source English translation, 1985.)

11
31. ^ No Third Way Out: Creating A Capitalist Czechoslovakia Reason, June 1990.
Accessed April 22, 2007.
32. ^ Delay, Katy Harwood. The return of the Third Way. Ludwig von Mises Institute.
Accessed April 22, 2007.
33. ^ Slavoj Zizek, Attempts to Escape the Logic of Capitalism
34. ^ Neosocialism versus Neoliberalism?
35. ^ National Review: Reinventing socialism: the triumph of neosocialism is the defining
characteristic of politics today

• Gill: "By 1880 the United States of America had overtaken and surpassed
England as industrial leader of the world.: (from "Trade Wars Against America: A
History of United States Trade and Monetary Policy" Chapter 6 titled "America
becomes Number 1" pg. 39-49 - published 1990 by Praeger Publishers in the USA
- ISBN 0-275-93316-4)

• Lind: "Lincoln and his successors in the Republican party of 1865-1932, by

presoding over the industrialization of the United State, foreclosed the option that
the United States would remain a rural society with an agrarian economy, as so
many Jeffersonians had hoped." and "...Hamiltonian side...the Federalists; the
National Republicans; the Whigs, the Republicans; the Progressives." (from
"Hamilton's Republic" Introduction pg. xiv-xv - published 1997 by Free Press,
Simon & Schuster division in the USA - ISBN 0-684-83160-0)

• Lind: "During the nineteenth century the dominant school of American political
economy was the "American School" of developmental economic
nationalism...The patron saint of the American School was Alexander Hamilton,
whose Report on Manufactures (1791) had called for federal government activism
in sponsoring infrastructure development and industrialization behind tariff walls
that would keep out British manufactured goods...The American School,
elaborated in the nineteenth century by economists like Henry Carey (who
advised President Lincoln), inspired the "American System" of Henry Clay and
the protectionist import-substitution policies of Lincoln and his successors in the
Republican party well into the twentieth century." (from "Hamilton's Republic"
Part III "The American School of National Economy" pg. 229-230 published
1997 by Free Press, Simon & Schuster division in the USA - ISBN 0-684-83160-
0)

• Richardson: "By 1865, the Republicans had developed a series of high tariffs and
taxes thar reflected the economic theories of Carey and Wayland and were
designed to strengthen and benefit all parts of the American economy, raising the
standard of living for everyone. As a Republican concluded..."Congress must
shape its legislation as to incidentally aid all branches of industry, render the
people prosperous, and enable them to pay taxes...for ordinary expenses of
Government." (from "The Greatest Nation of the Earth" Chapter 4 titled
"Directing the Legislation of the Country to the Improvement of the Country:
Tariff and Tax Legislation" pg. 136-137 published 1997 by the President and
Fellows of Harvard College in the USA - ISBN 0-674-36213-6)

12
• Boritt: "Lincoln thus had the pleasure of signing into law much of the program he
had worked for through the better part of his political life. And this, as Leornard
P. Curry, the historian of the legislation has aptly written, amounted to a
"blueprint for modern America." and "The man Lincoln selected for the sensitive
position of Secretary of the Treasury, Salmon P. Chase, was an ex-Democrat, but
of the moderate cariety on economics, one whom Joseph Dorfman could even
describe as 'a good Hamiltonian, and a western progressive of the Lincoln stamp
in everything from a tariff to a national bank.'" (from "Lincoln and the Economics
of the American Dream" Chapter 14 titled "The Whig in the White House" pg.
196-197 published 1994 by University of Illinois Press in the USA - ISBN
0252064453

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